Bajaj Finserv, Mphasis: Is it time to buy these stocks at current levels?

Check out the trading strategies in these frontline counters in a choppy market.

Markets, stocks, buy, sell, trading, shares, stock market
Mehul Kothari Mumbai
1 min read Last Updated : Jan 31 2023 | 7:00 AM IST
BUY BAJAJ FINSERV NEAR 1340 | TARGET: 1420 | STOP LOSS: 1300

After a relentless correction, Bajaj Finserv has entered an oversold terrain. It has retraced over 61.8 per cent of the previous rally. At this juncture, the counter is hovering near the rising trend line support. Thus, we advise traders to go long near Rs 1340 with a stop loss of Rs 1300.

BUY MPHASIS NEAR 2100 | TARGET: 2220| STOP LOSS: 2040

Even during the recent market fall in the marketsm MPHASIS has remained sideways, which reflects the relative strength in the counter. Recently the stock confirmed a fresh breakout above Rs 2080 and witnessed some consolidation therafter. The stock is poised for a fresh upside and is likely to retest its 200-DSMA placed near the Rs 2200 mark. We suggest traders go long in the counter near Rs 2,100 with a stop loss of Rs 2,040.


=======================
(Mehul Kothari is AVP – Technical Research, Anand Rathi Shares & Stock Brokers. Views are personal).
Subscribe to Business Standard digital and get complimentary access to The New York Times

Quarterly Starter

₹900

3 Months

₹300/Month

SAVE 25%

Smart Essential

₹2,700

1 Year

₹225/Month

Save 46%

Super Saver

₹3,900

2 Years

₹162/Month

Subscribe

Renews automatically, cancel anytime

Here’s what’s included in our digital subscription plans

Access to Exclusive Premium Stories Online

  • Over 30 behind the paywall stories daily, handpicked by our editors for subscribers

Complimentary Access to The New York Times

  • News, Games, Cooking, Audio, Wirecutter & The Athletic

Business Standard Epaper

  • Digital replica of our daily newspaper — with options to read, save, and share

Curated Newsletters

  • Insights on markets, finance, politics, tech, and more delivered to your inbox

Market Analysis & Investment Insights

  • In-depth market analysis & insights with access to The Smart Investor

Archives

  • Repository of articles and publications dating back to 1997

Ad-free Reading

  • Uninterrupted reading experience with no advertisements

Seamless Access Across All Devices

  • Access Business Standard across devices — mobile, tablet, or PC, via web or app

More From This Section

Topics :technical analysisstocks technical analysisBajaj FinservMphasisAnand RathiBuzzing stocksStock tips

First Published: Jan 31 2023 | 7:00 AM IST

Next Story